In general I’m a pretty big nerd when it comes to all things financial. I love a good spreadsheet, and really enjoy analyzing a solid set of statistics.
Since I do a lot of this in my day job, it’s rare for me to be truly surprised by individual statistics. But I came across a few recently that really boggled my mind, and they all have to do with college planning:
- Student loan debt in the U.S. has increased 510% over the last 10 years
- Across the country, we’re taking on $2,701 in student loan debt every second
- 16% of student loan borrowers are currently in default, and another 27% are either delinquent or in postponement
These are some pretty astounding numbers. You may have already heard that tuition costs are going up 7% each year, or that as a country we now have more student loan debt than we do credit card debt. But a 510% increase over ten years is astronomical.
Since saving for & affording college is relevant to the majority of parents, I thought it’d make a great post on the blog. So, today’s post covers affording college & need based financial aid.
To get to the bottom of the issue, I’d like to welcome Melissa Ellis to the blog. Melissa is the founder of Sapphire Wealth Planning, a CERTIFIED FINANCIAL PLANNER™, and a subject matter expert when it comes to education planning.